Do you own a newer vehicle? Have you thought about keeping this vehicle for an extended period of time? Maybe for its lifetime?
There are many advantages to holding on to your vehicle; even after it has reached the Cinderella Era. You ask: "What's the Cinderella Era?" This is the period after the loan is paid off, but your vehicle is still in good condition.
"The financial benefits of keeping your vehicle long after you have paid it off are significant," said Rich White, executive director, Car Care Council. Wouldn't be nice to drive your vehicle without worrying about it breaking down.
Rich White also has a very wise proposition to how we can financially prepare for those maintenance and repair bills: "By allocating the equivalent of just one car payment annually during the Cinderella Era and saving the rest, you can cover an entire year's worth of basic maintenance and grow your nest egg."